Please take a moment to read the cautionary statements on these materials stating that this teleconference, the discussion and the slides include estimates of future performance.

please take a moment to read the cautionary statements on these materials stating that this teleconference the discussion and the slides include estimates of future performance


prepaid, which we agreed to pay earlier this year. And the assumption is that, that's the prepaid amount going forward.

prepay which we agreed to pay earlier this year and the assumption is that that's the prepaid amount going forward


although these were partially offset by stronger SIS software sales and increased product sales from the drilling and production groups.

although these were partially offset by stronger sas software sales and increased product sales from the drilling and production groups


so that we do not need, every time we have a new project, to start up the entire engineering development departments

so that we do not need every time we have a new project to start up the entire engineering development departments


The shortfall in aggregates volumes drove most of the gap between our reported results and expectations for the quarter.

the shortfall in aggregate volumes drove most of the gap between our reported results and expectations for the quarter


In our GameStop-branded stores, we continue to see strong acceptance of collectibles by our existing consumer base.

in our gamestop branded stores we continue to see strong acceptance of collectibles by our existing consumer base


It all starts with being in the right places. Today, EnLink is focused on 5 core areas, the STACK in Central Oklahoma,

it all starts with being in the right places today enlink is focused on 5 core areas the stack in central oklahoma


how did you reach this number? And what has been labor representative reflections on it

how did you reach this number and what has been the labor representative reflections on it


that we are. And the great thing about the country we have is that different parts of it can enact different rules that meet what their population wants to see happen. So

that we are and the great thing about the country we have is that different parts of it can enact different rules that meet what their population wants to see happen so


when we go into the next down cycle or downturn in the economy, that you think that

when we go into the next down cycle or downturn in the economy that you think that


Market dynamics are changing for our clients. The shift from active to passive means thinner fees as well as more competition amongst managers

market dynamics are changing for our clients the shift from active to passive means thinner fees as well as more competition amongst managers


A little more than one year ago, we announced a realigned organizational structure to better support our market-led strategy.

a little more than 1 year ago we announced a realigned organizational structure to better support our market-led strategy


The fixed-price differential will also give us stronger returns on wells placed into sales during the summer pricing seasons.

the fixed price differential will also give us stronger returns on wells placed into sales during the summer pricing seasons


Okay, so it's primarily financial engineering that is leading to the debt on the books as well as the cash on the other side? That's right.

okay so it's primarily financial engineering that is leading to the debt on the books as well as cash on the other side


It was an excellent opportunity for us to provide the staff additional insight into and context for our work.

it was an excellent opportunity for us to provide the staff additional insight into and context for our work


that will be launching later this year into low earth orbit so that we can start testing, validating and demonstrating

that we'll be launching later this year into low earth orbit so that we can start testing validating and demonstrating


and the question then becomes, well, do we replace that technology spend that was for the new reservation system and put that money to something else? So that's

and the question then becomes well did we replace that technology spend that was for the new reservation system and put that money to something else so that's


In the middle of last year, we noted that we were evaluating strategic alternatives for a facility within our Flavors business.

in the middle of last year we noted that we were evaluating strategic alternatives for a facility within our flavors business


In closing, we are pleased with the results of the third quarter and the expansion of our customer base across all our markets.

in closing we are pleased with the results of the third quarter and the expansion of our customer base across all our markets


And the following question is related to the volumes of gas trading,

and the following question is related to the volumes of gas trading


particularly for the Mexican projects. We have to be sure of what we want to do and how we want to do these projects.

particularly for the mexican projects we have to be sure of what we want to do and how we want to do these projects


they may hire some low-level analysts to do due diligence for them or have a function answering to other portfolio managers who are also managing clients,


Looking forward, I see more opportunities to improve ROIC by further enhancing our approach to allocating capital among our businesses.

looking forward i see more opportunities to improve roic by further enhancing our approach to allocating capital among our businesses


Over time, we believe these initiatives will result in an increase in traffic, a re-acceleration of Pro sales growth

over time we believe these initiatives will result in an increase in traffic a reacceleration of pro sales growth


Number three. We have implemented a new sales associate compensation system that we believe will allow us to attract and retain top sales talent.

number three we have implemented a new sales associate compensation system that we believe will allow us to attract and retain top sales talent


And second question is that there has been a significant decline in terms of the bunker C and naphtha margin, what is the driver behind that?

and second question is that there's been a significant decline in terms of the bunker sea and napta margin what is the driver behind that


No one likes that kind of volatility. We don't like it, we don't think the shareholders like it and the regulators certainly don't like it. And so their great preference

no one likes that kind of volatility we don't like it we don't think the shareholders like it and the regulators certainly don't like it and so they're great preference


is poised to end this year above the 10 million tonnes of trading volumes, and that is contributing to the overall increasing volumes at the portfolio level.

is poised to end this year about 10 million tons of trading volumes and that is contributing to the overall increase in volumes at the portfolio level


did you say that you saw construction equipment orders from your perspective or demand from metal picking up?

did you say that you saw construction equipment orders from your perspective or demand for metal picking up


Before I finish, I have one more topic. A couple of weeks back, Jack informed me of his intention to retire at the end of this year.

before i finish i have one more topic a couple of weeks back jack informed me of his intention to retire at the end of this year


And that's what we have to deal with. How do we convince new people to come in when we say when we give 20% discount price, it's a major thing.

and that's what we have to deal with how do we convince new people to come in when we say when we give 20% discount for us it's a major thing


And I think we're going to have a lot of fun with that business. Yes, the only thing I'd add, Jeff, is that we will be disciplined. I mean, I think

and i think we're going to have a lot of fun with that business and the only thing i'd add jeff is that we will be disciplined i mean i think


price increases to compensate for that, but during the quarter we have seen a continuing increase in the pulp prices,

price increases to compensate for that but during the quarter we have seen a continuing increase in the pulp prices


I'm now going to hand back to Miles, who's going to talk a little bit more about how our actions in the period have contributed to our increasing margin

i'm now going to hand back to miles who's going to talk a little bit more about how our actions in the period have contributed to our increasing margin


Yes, I mean, obviously expansions and recessions are a natural part of the economic cycle.

yes i mean obviously expansions and recessions are a natural part of the economic cycle


As we fabricate more volume, our facility will improve their efficiency and our financial performance will follow.

as we fabricate more volume our facility will improve their efficiency and our financial performance will follow


And this comes from an increase of backlog. These activity level are the first step for increasing revenue.

and this comes from an increase of backlog these activity levels are the first step for increasing revenue


This will not change the bank's sound policy of terminating poor performing employees. BofI is not in the business of settling meritless lawsuits,

this will not change the bank's sound policy of terminating poor performing employees cfby is not in the business of settling meritless lawsuits


how we go about doing our deployment services, but deployment services are the lowest margin offering in the services portfolio.

how we go about doing our deployment services but deployment services are the lowest margin offering in the services portfolio


which is more than 4x the level for the same period last year and includes contribution to income from each of the 3 quarters this year.


to track shipments of goods through their distribution cycles in order to predict what's going to happen in the global supply chain.


And that is how we would like to grow our merchant-base. Also with regards to users

and that is how we would like to grow our merchant base also with regards to users


In emerging markets, the negative sentiment kept building whether it was from a major currency devaluation in Argentina,

in emerging markets the negative sentiment kept building whether it was from a major currency devaluation in argentina


Laurie, I'm just going to add on. On the interest-bearing checking line item is where we have the vast majority of our municipal deposits,

laurie i'm just going to add on and the interest-bearing checking line item is where we have the vast majority of our municipal deposits


without jeopardizing our sales. So you have to plan all this very carefully.

without jeopardizing our sales so you have to plan all this very carefully


Of course, we've been taking pricing in markets like Argentina and other countries with higher rates of inflation, but we're also going to take a hard look at pricing

now of course we've been taking pricing in markets like argentina and other countries with higher rates of inflation but we're also going to take a hard look at pricing


But in terms of capital allocation priorities, those remain unchanged. We're going to continue to be disciplined in how we allocate capital, how we run this business.

but in terms of capital allocation priorities those remain unchanged we're going to continue to be disciplined in how we allocate capital how we run this business


We've got opportunities as we bring consumer meaningful innovation to shelf. We believe that we'll create opportunities for incremental shelf space. So

we've got opportunities as we bring consumer meaningful innovation to shelf we believe that will create opportunities for incremental shelf space so


dollar prices fell, and actually we granted twice as many loans as we have to our name,

dollar prices fell and actually we granted twice as many loans as we have to our name


For 55 years, Weight Watchers has inspired people to come together and begin a journey of positive, lasting change.

for 55 years weight watchers has inspired people to come together and begin a journey of positive lasting change


But this is paving the way nicely for us to tackle some more difficult and challenging integration areas such as billing,

but this is paving the way nicely for us to tackle some more difficult and challenging integration areas such as billing


Our lease in the Irvine facility expires next April, so the timing is good and we're very focused on meeting this deadline.

our lease in the irvine facility expires next april so the timing is good and we're very focused on meeting this deadline


the need for infrastructure will continue. The challenge is matching the timing with production growth and infrastructure growth,

the need for us infrastructure will continue the challenge is matching the timing with production growth and infrastructure growth


Both phases of the trial helped to define the most appropriate patient population and optimal treatment duration for Acthar in this condition.

both phases of the trial helped to define the most appropriate patient population and optimal treatment duration for acthar in this condition


You typically assume that most of that heterogeneity will be balanced across randomized groups, but this is a small study in the ultra-rare condition.

you typically assume that most of that heterogeneity will be balanced across randomized groups but this is a small study in an ultra-rare condition


These kinds of achievements are part of a steady drumbeat of enhancements that support the business our agents continue to bring in the door.

these kinds of achievements are part of the steady drumbeat of enhancements that support the business our agents continue to bring in the door


how data gets to a customer, making it smart as opposed to just something written on a piece of paper, those types of things are going to make us much more

how data gets to a customer making it smart as opposed to just something written on a piece of paper those types of things are going to make us much more


were able to put our promotion expenses and overhead in a controllable range.

we're able to put our promotion expenses and overhead in a controllable range


We definitely haven't been through a full diet season of all channels going at the same time, so it's something that we'll be adjusting as we go through first quarter.

we definitely haven't been through a full diet season of all channels going at the same time so that's something that we'll be adjusting as we go through first quarter


the logistics in our industry around wholesalers and distributors and the amount of inventory that people take on when we launch new product.

the logistics in our industry around wholesalers and distributors and the amount of inventory that people take on when we launch new products


so I think we -- as we said last year, we've done a lot of different programs to catch up on the preventative maintenance front

so i think we -- as we said last year we've done a lot of different programs to catch up on the preventative maintenance front


any kind of operating expenses because of its location. And we just feel like, it's -- a better plan for us

any kind of operating expenses because of its location and we just feel like it's a better plan for us


to where we are today, where in your opinion are we on that scale and what are some of the metrics that we need to focus upon

to where we are today where in your opinion are we on that scale and what are some of the metrics that we need to focus upon


I'm extremely proud of the entire Five9 team and our strategic partners for bringing it all together with 1 goal in mind,

i'm extremely proud of the entire five9 team and our strategic partners for bringing it all together with one goal in mind


All right. Well, thank you for joining us for today's call. We look forward to speaking with you again when we report first quarter results next month.

all right well thank you for joining us for today's call we look forward to speaking with you again when we report first quarter results next month


We continue to diversify our operations, as we expand our products both inside and outside of Oklahoma.

we continue to diversify our operations as we expand our products both inside and outside of oklahoma


Now we shouldn't underestimate the significance of this agreement because at the end of the mining boom, we saw a major reduction in revenue and earnings in WA,

now we shouldn't underestimate the significance of this agreement because at the end of the mining boom we saw a major reduction in revenue and earnings in wa


And we are being very careful that we don't overpay for the licenses that we do want to have access to.

and we are being very careful that we don't overpay for the licenses that we do want to have access to


And it wasn't clear to me if there was sort of anything new -- any new elements to the plan, if you've made any sort of strategic decisions

and it wasn't clear to me if there was sort of anything new -- any new elements to the plan if you've made any sort of strategic decisions


in terms of ROIC. So we need and we want to exploit it. We need to get them to their

in terms of growing so we need and we want to exploit it we need to get them to their


trying to be reliable in many aspects of our business.


So to get a better sense of our segment operating performance, we will split these items out as legacy cost and report at the corporate level.

so to get a better sense of our segment operating performance we will split these items out as legacy costs and report at the corporate level


these loans are not transactions purchased from a syndication desk where there is no relationship with the client.


And then we're -- obviously, the second part of that is statistical modeling to see how many patients we need to have reached that time point

and then we're obviously the second part of that is statistical modeling to see how many patients we need to have reached that time point


that's what we want to see. We really felt that fixing the balance sheet, especially given the challenges of the industry,

that's what we want to see we really felt that fixing the balance sheet especially given the challenges of the industry


a decision based upon deteriorating results, the continuing advertising and technology arms race,

a decision based upon deteriorating results the continuing advertising and technology arms race


Prior to this change, distributions from our Japanese subadvisory business were recorded in net flows

prior to this change distributions from our japanese sub-advisory business were recorded in net flows


knowing how it would impact what the DFS would allow you to do? Or is it just pricing with this other counterparty? Andrew,

knowing how it would impact what the dfs will allow you to do or is it just pricing with this other category andrew


within that business. We, frankly, expect that to continue as it relates to some of the lumpiness that you see quarter in, quarter out.

within that business we frankly expect that to continue as it relates to some of the lumpiness that you see quarter in quarter out


I think last year was possibly impacted by a high percentage of diving work that carries the higher rate.

i think last year was possibly impacted by a high percentage of diving work that carries a higher rate


providers will increasingly look to an operating partner that can maximize and best leverage proprietary and bolt-on technology


We will continue to focus and strategically align our portfolio to deliver growth, while driving improved operating efficiencies across our organizations

we will continue to focus and strategically align our portfolio to deliver growth while driving improved operating efficiencies across our organization


and to maximize performance, our community shopping center proposition must align to the audiences we serve in each scheme.

and to maximize performance our community shopping center proposition must align to the audiences we serve in each scheme


that slide as it relates to the growth in revenue per employee and how we've driven operating margins up very steadily over the last 5 years.


as a result of fleet sales, timing and customers waiting to see the new launch that we'll have in the heavy commercial vehicle segment in June.

as a result of fleet sales timing and customers waiting to see the new launch that we'll have in the heavy commercial vehicle segment in june


business over the next 3 years. Which I think will either happen through just natural organic extensions in the existing businesses or

business over the next 3 years which i think will either happen through just natural organic extensions in the existing businesses or


We remain confident in our ability to expand our market share and also we focus on expense management.

we remain confident in our ability to expand our market share as also we focus on expense management


The revenues expected from the vessels in the fleet with secured employment cover the company's annual operating and financial obligation.

the revenues expected from the vessels in the fleet with secure employment cover the company's annual operating and financial obligations


While existing customers are rolling out CyberArk programs, new customers continue to take a more strategic approach to Privileged Account Security.

while existing customers are rolling out cyberark programs new customers continue to take a more strategic approach to privileged account security


While management believes that its expectations are based on reasonable assumptions, there can be no assurance that such expectations will prove to be correct.

while management believes that its expectations are based on reasonable assumptions there can be no assurance that such expectations will prove to be correct


We're happy to report that all of our employees in the region were safely evacuated and are ready to start the rebuilding effort when it is safe to do so.

we're happy to report that all of our employees in the region were safely evacuated and are ready to start the rebuilding effort when it is safe to do so


Ladies and gentlemen, thank you for participating in today's conference. This does conclude the program, and you may all disconnect. Everyone, have a great day.

ladies and gentlemen thank you for participating in today's conference this does conclude the program and you may all disconnect everyone have a great day


Now I'll take you through the core adjustments in just a second, but first let me summarize the major items in the income statement, and I'll remind you that

now i'll take you through the core adjustments in just a second but first let me summarize the major items in the income statement and i'll remind you that


We're studying that question not only with data and analysis, but we're also talking with our customers about the specific units and fleet operational plans.

we're studying that question not only with data and analysis but we're also talking with our customers about specific units and fleet operational plans


is likely to be sound policy. That said, in terms of impact on our business, I'm quite positive about

is likely to be sound policy that said in terms of impact on our business i'm quite positive about


that our company is actually selling every single asset that it has, even more than some of our historical businesses.

that our company is actually selling every single asset that it has even more than some of our historical businesses


the structure has probably exceeded most people's expectations. We think it works very well because we have

the structure has probably exceeded most people's expectations we think it works very well because we have


As we look to '18, do we still expect this trajectory to continue and operating cost savings to cover for that?

as we look to '18 do we still expect this trajectory to continue and operating cost savings to cover for that


I am excited to be back at ITG and I'm confident that the best is yet to come for our clients, our shareholders and our employees.

i am excited to be back at itg and i'm confident that the best is yet to come for our clients our shareholders and our employees


that we're delivering this kind of margin profile with some of our bellwether, most profitable companies struggling,

that we're delivering this kind of margin profile with some of our bellwether most profitable companies struggling


But -- so that's what is connected to our target of 15% to 20% in the GP or Teekay Parent dividend

but the -- so that's what is connected to our target of 15% to 20% in the gp or tk parent dividend


I will touch on this more in detail later in this presentation. Teekay Parent's new dividend policy that was implemented in the second quarter

i will touch on this more in detail later in this presentation tk parent's new dividend policy that was implemented in the second quarter


at our existing facility with the new contract, where we could expand it and would allow them to close some facilities that they've got in downtown in Chattanooga.

at our existing facility with the new contract where we could expand it and would allow them to close some facilities that they've got downtown in chattanooga


Though we don't expect these initiatives to bear fruit overnight, we do expect them to gradually improve our customer experience over the next year,

though we don't expect these initiatives to bear fruit overnight we do expect them to gradually improve our customer experience over the next year


This is a great position to be in, and we will continue to work hard in our efforts to ensure millions of IBS-C and chronic constipation patients

this is a great position to be in and we will continue to work hard in our efforts to ensure millions of ibsc and chronic constipation patients


We also recently launched new upholstery and dining collections, and the initial reaction from our customers has been encouraging.

we also recently launched new upholstery and dining collections and the initial reaction from our customers has been encouraging


period. So this is really Q2. So we're trying to get our legs around the types of metrics that we can start to be consistent with

period so this is really q2 so we're trying to get our legs around the types of metrics that we could start to be consistent with


So that's why we are not really tied in necessarily to the ballooning costs of movies per se at this point in time.

so that's why we're not really tied in necessarily to the ballooning costs of movies per se at this point in time


have gotten used to dash cams, I'd say the vast majority of them want to maintain dash cams even if they add body cameras.

have gotten used to dash cams i'd say the vast majority of them want to maintain dash cams even if they add body cameras


essentially in the same region, I think our capability to be very competitive should we get to that point

essentially in the same region i think our capability to be very competitive should we get to that point


The company cautions listeners that any such forward-looking statements are based on assumptions that the company believes are reasonable but are subject to a wide range of risks.

the company cautions listeners that any such forward-looking statements are based on assumptions that the company believes are reasonable but are subject to a wide range of risks


What's going on with the market fears over Zika virus and anything else that we should be aware of?

what's going on with the market fears over zika virus anything else that we should be aware of


and that will mostly be a function of what's the capacity utilization look like in the industry, who has slack capacity

and that will mostly be a function of what's the capacity utilization look like in the industry who has slack capacity


So we are not at all distressed by changes in mix or what planes they build. We just want them to build planes that use aluminum.

so we are not at all distressed by changes in mix or what planes they build we just wanted to build planes that use aluminum


continued investments in our administrative processes and costs to obtain other future efficiencies in our business.


So that's a big growth area for us. So that's where our lab and manufacturing is going in, and we're making great progress with both the customers there.

so that's a big growth area for us so that's where our lab and manufacturing is going in and we're making great progress with both the customers there


is there any kind of trade-off you have to make in terms of profitability when you sell something online versus through a physical retail store?


that we incurred in that first quarter, to use that as a baseline to say that we're going to have

that we incurred in that first quarter to use that as a baseline to say that we're going to have


Do programs like AMC's Stubs A-list change the way that you look into future as it relates to raising price?

do programs like amc's stub's a-list change the way that you look into future as it relates to raising price


which can be found on the company's website or at sec.gov. Main Street assumes no obligation to update any of these statements, unless required by law.

which can be found on the company's website or at sec gov main street assumes no obligation to update any of these statements unless required by law


in large measure the bulk of the teams that we need in order to do that. Doesn't mean we won't continue to invest, but I think the pace of investment will slow a bit.

in large measure the bulk of the teams that we need in order to do that doesn't mean we won't continue to invest but i think the pace of investment will slow a bit


driven by continued product innovation and design with consumer brands. We'll transform the Sport Chek brand and operations.

driven by continued product innovation and design with consumer brands will transform the sportchek brand and operations


We think that the price increases that we put forward, which are more modest price increases, will all generally stick.

we think that the price increases that we put forward which are more modest price increases will all generally stick


and we remain enthusiastic about the prospect of our ProNeura platform for the treatment of select chronic diseases.

and we remain enthusiastic about the prospect of our pronura platform for the treatment of select chronic diseases


on a phone would be taken up by other people that our customers could ship into shortly, so the market itself would level out.

on a phone would be taken up by other people that our customers could ship into shortly so the market itself would level out


and Jim McKinney, Kemper's Senior Vice President and Chief Financial Officer. We will make the opening remarks to provide context around our first quarter results.

and jim mckinney kempers senior vice president and chief financial officer we will make a few opening remarks to provide context around our first quarter results


The safe harbor provision identifies risk factors that may cause the actual results to differ materially from the content of our forward-looking statements.

the safe harbor provision identifies risk factors that may cause the actual results to differ materially from the content of our forward-looking statements


Growth in hydraulics was down 17% as volume in our demolition shares is correlated to pricing levels in the scrap steel market.

growth in hydraulics was down 17% as volume in our demolition shears is correlated to pricing levels in the scrap steel market


We also are implementing performance improvement plans that were developed in conjunction with FMI group, a leading industry consulting specialist,

we also are implementing performance improvement plans that were developed in conjunction with fmi group a leading industry consulting specialist


so at the end of our operating agreement, which is 18 months from now when they finally move into intermediated payments which

so at the end of our operating agreement which is 18 months from now when they finally move into intermediated payments which


We are very pleased with the strategic priorities we have executed on, that have translated into both higher earnings and higher returns.

we are very pleased with the strategic priorities we have executed on that have translated into both higher earnings and higher returns


As we move into the fourth quarter, we expect transactional activity to return to a more normal level.

as we move into the fourth quarter we expect transactional activity to return to a more normal level


Day guidance. And as a result of that strong first half production performance, we've taken the decision to revise

the guidance and as a result of that strong first half production performance we've taken the decision to revise


And so we do feel like we're very well positioned. We feel like this range is thoughtful given the plans that we have in front of us

and so we do feel like we're very well positioned we feel like this range is thoughtful given the plans that we have in front of us


The company continued its operational efficiency drive, and it continued to control and cut costs in light of the difficult environment,

the company continues its operational efficiency drive and it's continued to control and cut costs in light of the difficult environment


We have continued to apply our enhanced completion designs that have proven successful and new wells are performing in line with expectations.

we have continued to apply our enhanced completion designs that have proven successful and new wells are performing in line with expectations


That's why we have to develop our trading platform, expand our business network to achieve

that's why we have to develop our trading platform expand our business network to achieve


The industry will continue to add perf clusters per stage, yielding less stages while lateral lengths are nearing maximum levels

the industry will continue to add perf clusters per stage yielding less stages while lateral lens are nearing maximum levels


I think at this opportunity, this guidance can revert into an opportunity because clearly

i think this opportunity this guidance can revert into an opportunity because clearly


I would like to thank all of our employees for their passion, hard work and commitment to our organization, which has always lied at the center of our success.

i would like to thank all of our employees for their passion hard work and commitment to our organization which has always lies at the center of our success


as we now have strong prowess in providing product design, sustaining engineering services and a successful track record of designing

as we now have strong prowess in providing product design sustaining engineering services and a successful track record of designing


And the chemical expansion project at Baytown and Mont Belvieu will begin a phased start-up in the second half of the year.

and the chemical expansion project at baytown and mt bellevue will begin a phased startup in the second half of the year


in the second quarter for our beauty market. Also Latin America, we also saw good growth really across all of our markets. Personal care was up.

in the second quarter for our beauty market also latin america we also saw good growth really across all of our markets personal care was up


As you can see, from the chart in the upper left, during the heat wave, all 11 of our peaking units were needed each day that week to serve peak load.

as you can see from the chart in the upper left during the heat wave all 11 of our peaking units were needed each day that week to serve peak load


So there's a couple of big themes like a Nike and a Bose. But after that, it's a very, very broad cross-sections of any kind of smart connected device.

so there's a couple of big themes like a nike and a bose but after that it's a very very broad cross-sections of any kind of smart connected device


Is it a matter of just digging into Pinnacle once the deal closed and finding out some of the things that you mentioned? Or I guess, just another way of asking,

is it a matter of just digging into pinnacle once the deal closed and finding out some of the things that you mentioned or i guess it's another way of asking


all the advances in the mobile segment but it does provide some fluctuation. So as we've talked on that particular piece,

all the advances in the mobile segment but it does provide some fluctuation so as we've talked on that particular piece


So the consequence of that even in a relatively flat environment if you assume no material activity change, and we continue to

so as a consequence of that even in a relatively flat environment if you assume no material activity change and we continue to


As you look out 3-plus years, do you see meaningful opportunity for consolidation in the industry? Or rather is it the case that

as you look out 3-plus years do you see meaningful opportunity for consolidation in the industry or rather is it the case that


in terms of the operating platforms, distribution, internal, so now we want to take that power that we have and really focus it towards

in terms of the operating platforms distribution internal so now we want to take that power that we have and really focus it towards


This progress was partially offset by declines in some large markets, such as U.S. Biscuits and Brazil,

this progress was partially offset by declines in some large markets such as u s biscuits and brazil


We see a return to solid growth, but don't know that we can fully catch up to our original guidance in the months remaining.

we see a return to solid growth but don't know that we can fully catch up to our original guidance in the months remaining


with the execution of regional campaigns or the optimization of agreements with suppliers for sampling and merchandising materials.


We are committed to financial discipline, and have strategically focused on lower risk, high-return organic growth projects in our core areas.

we are committed to financial discipline and have strategically focused on lower risk high return organic growth projects in our core areas


And so we're not at a point today where we need to decide where the next plant would go, whether it's in the Chisholm area or whether it's back further to

and so we're not at a point today where we need to decide where the next plant would go whether it's in the chisholm area or whether it's back further to


full field development that will come on in bigger chunks at a time.


I think you covered most of the things I could have said.

i think you covered most of the things i could have said


support coming from the government and the industry zone that is helpful, especially in the starting period,

support coming from the government and the industry zone that is helpful especially in the starting period


as well as the new plant we are setting up in North Macedonia. I have the next chart showing more details on this specific topic.

as well as the new plant we are setting up in north macedonia i have the next chart showing more details on this specific topic


But I would assume that the normal way of -- which we normally have on the seasonality is also that what will happen

but i would assume that the normal way of -- which we normally have on the seasonality is also that what will happen


how that kind of materializes into bookings and eventually revenue. Just trying to get a sense of timing of

how that kind of materializes into bookings and eventually revenue just trying to get a sense of timing of


This growth was driven by new customer onboardings as well as strong growth from existing customers.

this growth was driven by new customer onboarding as well as strong growth from existing customers


People will not have a business in most of our markets so they don't have our station on there. So if the economics turn out to be appropriate,

people will not have a business in most of our markets if they don't have our station on there so if the economics turn out to be appropriate


with movements of early payments of debt within the liability management strategy of the company,


and a continued market penetration of our OPTILOAD product were more than offset by the decrease

and a continued market penetration of our optiload product were more than offset by the decrease


An important part of getting back to high performance is strengthening our leadership team on both the design and operation side of the business.

an important part of getting back to high performance is strengthening our leadership team on both the design and operations side of the business


that was done, we shared this at the time that we announced it, really to just enable us to execute the plan that's been laid out without need of going back to the board. So

that was done we shared this at the time that we announced it really to just enable us to execute the plan that's been laid out without need of going back to the board so


even while we do that, the people that we hire, we're going to pay them more because they're going to be more skilled, they're going to be using technology

even while we do that the people that we hire we're going to pay them more because they're going to be more skilled they're going to be using technology


From my perspective, I would like to briefly point out what I believe are the 3-bullet-point takeaways from our activities during the third quarter.

from my perspective i would like to briefly point out what i believe are the 3 bullet point takeaways from our activities during the third quarter


So we'll be surgical about it, but we do think there's a big opportunity. So you will see us grow but we're going to do it in a very thoughtful manner.

so we'll be surgical about it but we do think there's a big opportunity so you will see us grow but we're going to do it in a very thoughtful manner


And second, if the export model is profitable, how come the utilization rate of your existing China capacity

and second if the export model is profitable how come the utilization rate of your existing china capacity


Thank you, Dave, for your hand in building the platform and the team. We promise to make you proud as we take Life Storage to the next level.

thank you dave for your hand in building the platform and the team we promise to make you proud as we take life storage to the next level


Should we expect an acceleration in VIVITROL trends like we saw a few years ago sort of kind of following up on the last comment as well?

should we expect an acceleration in vivitrol trends like we saw a few years ago sort of kind of following up on the last comment as well


There's a lot to digest in the presentations, which we have provided. So perhaps, it's worthwhile just taking a step back and taking stock.

there's a lot to digest in the presentations which we have provided so perhaps it's worthwhile just taking a step back and taking stock


Finally, we remain strongly levered to the higher gold price despite the stronger exchange rates and higher oil price,

finally we remain strongly levered to the higher gold price despite the stronger exchange rates and higher oil price


We significantly expanded our aftermarket business by some very promising acquisitions

we significantly expanded our aftermarket business by some very promising acquisitions


Well, I don't know if we can -- if we really have any thoughts on what might happen with new inpatient regulations.

well i don't know if we can -- if we really have any thoughts on what might happen with new inpatient regulations


mainly due to recent announcements about slower growth in China, resulting in even further downward pressure on metal pricing,

mainly due to recent announcements about slower growth in china resulting in even further downward pressure on metal pricing


However, as highlighted previously, our teams in the field did a great job of maintaining and increasing our gross profit margin.

however as highlighted previously our teams in the field did a great job of maintaining and increasing our gross profit margin


Can you just give us a little bit more color as to the strength that you're seeing there and whether or not you believe that can be sustained in coming quarters?

can you just give us a little bit more color as to the strength that you're seeing there and whether or not you believe that can be sustained in coming quarters


points range by fiscal year '20. There's been a lot of moving pieces here. I'm just looking for an update now on if those goals all stand.

points range by fiscal year '20 there's been a lot of moving pieces here i'm just looking for an update now on if those goals all stand


Design centers and delivery centers were closed anywhere from a couple of days to more than a week with an effect on both written orders and net delivered sales.

design centers and delivery centers were closed anywhere from a couple of days to more than a week with an effect on both written orders and net delivered sales


We completed the move of the fourth and final Stromag manufacturing operation out of the seller's facility on schedule,

we completed the move of the fourth and final stromectol manufacturing operation out of the seller's facility on schedule


And so there's not a tremendous amount of activity from the senior management team still to make that happen.

and so there's not a tremendous amount of activity from the senior management team still to make that happen


at least the likelihood that there is going to be a continuation of a repopulation of your backlog, a continuation of capital deployment

at least the likelihood that there is going to be a continuation of a repopulation of your backlog a continuation of capital deployment


And these are typically the old Panamaxes that are almost, you can say, almost being obsolete because the new vessels are so much more efficient

and these are typically the old panamaxes that are almost you could say almost being obsolete because the new vessels are so much more efficient


Please note, we've prepared a slide presentation to accompany today's webcast. We encourage you to follow along with the slides on veeco.com.

please note we've prepared a slide presentation to accompany today's webcast we encourage you to follow along with the slides on veeco com


I will now turn the call over to Tom Schall. Thank you, Bill, and good afternoon to everyone listening.

i will now turn the call over to tom shaw thank you bill and good afternoon to everyone listening


acquisitions that we've made are indeed experiencing accelerated growth. And as you know that we've had some challenges with some portions of our business that we've discussed in the past.

acquisitions that we've made are indeed experiencing accelerated growth as you know that we've had some challenges with some portions of our business which we've discussed in the past


So there will be some tailwinds, as Julio said, on the bottom line and on margins within Consulting as a result.

so there will be some tailwind as julio said on the bottom line and on margins within consulting as a result


and so with the kind of strength that we've continued to see in January, we expect to see

and so with the kind of strength that we've continued to see in january we expect to see


time of the year for the contracts. I mean, you're kind of dealing with pricing that had gone into a place 6 to 9 months previously. So

time of the year for the contracts i mean you're kind of dealing with pricing that has gone into place 6 to 9 months previously so


but also improved average uptake on the ARPU of next transactions that we are going to see

but also improved average uptake on the rpu of next transactions that we are going to see


We've pivoted to investing in projects that build value around our extensive asset portfolio of refineries and logistics infrastructure.

we pivoted to investing in projects that build value around our extensive asset portfolio of refineries and logistics infrastructure


relates to is the IRS allows you for orphan drug clinical trials. So if you have a drug that has a

relates to is the irs allows you for orphan drug clinical trials so if you have a drug that has a


We capitalized on higher demand for product support from other customers and our team has done a commendable job implementing a mitigation plan

we capitalized on higher demand for product support from other customers and our team has done a commendable job implementing a mitigation plan


but there is still a big opportunity and we continue to work on that front both on assets and transactions and the liability side. And even if


We are well positioned to continue building on the strong momentum we displayed at the lottery and gaming trade shows.

we are well positioned to continue building on the strong momentum we displayed at the lottery and gaming trade shows


getting ready for Christmas. So there's not a whole lot that goes on the last couple of weeks, which always hurts your production, but anyway, we're really doing well at Prime.

getting ready for christmas so there's not a whole lot going on in the last couple of weeks which always hurts your production but anyway we're really doing well at prime


but in late 2014, we placed a renewed focus on properly pricing the value we provide to our customers

but in late 2014 we placed a renewed focus on properly pricing the value we provide to our customers


Marriott is a company with a more than 90-year history of creating value for its shareholders, and we are committed to continuing to do so.

marriott is a company with a more than 90-year history of creating value for its shareholders and we are committed to continuing to do so


ex the hurricane, the growth was very consistent with our expectations.

x the hurricane the growth was very consistent with our expectations


that was virtually unchanged from last quarter. The weighted average primary lease term of our new investments continues to be long at approximately 18 years.

it was virtually unchanged from last quarter the weighted average primary lease term of our new investments continues to be long at approximately 18 years


third-party independence is to the measurement business and to the business models of all the players in this marketplace. That's always been true.

third-party independencies to the measurement business and to the business models of all the players in this marketplace that's always been true


previously insured with other carriers or -- and just not new to? And I'm just curious how you guys are doing such a good job here.

previously insured with other carriers or just not new to it i'm just curious how you guys are doing such a good job here


We have opportunities to grow organically by increasing our fund sizes or by expanding our products, geographic coverage, channels of distribution.

we have opportunities to grow organically by increasing our fund sizes or by expanding our products geographic coverage channels of distribution


with subcontractors and the vendors and constantly developing a strong bench strength that allows our


Gross margins showed meaningful improvements as well, as we saw strengthening in substantially all of our product categories.

gross margins showed meaningful improvements as well as we saw strengthening in substantially all of our product categories


combined with providing us additional manufacturing capabilities to expand and accelerate the recommercialization effort

combined with providing us additional manufacturing capabilities to expand and accelerate the re-commercialization effort


Our International segment is poised for continued margin growth against a relatively weak second half prior year comparable.

our international segment is poised for continued margin growth against a relatively weak second half prior year comparable


improve the specialization of our facilities depending on the local needs when we have several facilities in one city. The idea will be to

improve the specialization of our facilities depending on the local needs when we have several facilities in one city the idea would be to


to offer various weight loss solutions that work for as many people as possible. Weight loss is more relevant than ever.

to offer various weight loss solutions that work for as many people as possible weight loss is more relevant than ever


It's typically a number that we're always pushing for more on. It's not a number that typically contracts,

it's typically a number that we're always pushing for more on it's not a number that typically contracts


more or less continuous smaller opportunities that fit our investments and operating focus and we'll certainly

more or less continue with smaller opportunities that fit our investment and operating focus and we'll certainly


Our rate requests are being made to support additional capital investments to make the grid smarter, stronger and more resilient,

our rate requests are being made to support additional capital investments to make the grid smarter stronger and more resilient


These -- by the way, as well as links to our financial statements and our investor presentation can all be found in our website

these by the way as well as links to our financial statements and our investor presentation can all be found on our website


And it seems like that segment of the market has become more challenged through 2016. So how do you balance return on those investments

and it seems like that segment of the market has become more challenged through 2016 so how do you balance return on those investments


Okay. So you haven't really started to see pressure on the legacy deposit book just from higher rates yet?

okay so you haven't really started to see pressure on the legacy deposit book just from higher rates yet


we also posted decreases in expenses, and that's not related to tax benefit. I'm not familiar with all of the tax

we also posted decreases in expenses and that's not related to tax benefits i'm not committed with all of the tax


volume loss or share loss as we have pushed price pretty hard. Some of that is coming from

volume loss or share loss as we have pushed price pretty hard some of that is coming from


And also, keep in mind, in that particular product suite I just described, software is much larger than switches, and it's generating a lot more margin for us.

and also keep in mind in that particular product suite i just described software is much larger than switches and it's generating a lot more margin for us


And reinvestments are now classified as inflows. Prior periods reflect these revised classifications.

and reinvestments are now classified as inflows prior periods reflect these revised classifications


Thank you, Henric. Then we move over to the financials from a group perspective.

thank you henrik then we move over to the financials from a group perspective


from '17 to '18. So that had a huge impact on the core earnings for the bank.

from '17 to '18 so that had a huge impact on the core earnings for the bank


Okay. We are a couple of months behind in that, okay. Not terribly far behind, but we're not hitting the schedule we thought we'd hit.

okay we are a couple of months behind in that okay not terribly far behind but we're not hitting the schedule we thought we'd hit


generally, you want to get a sense of what are the brands doing. And that's really why we wanted to come forward with a little bit of that color because

generally you want to get a sense of what are the brands doing and that's really why we wanted to come forward with a little bit of that color because


and approving a court, the company believes there is any legal reason to accelerate the debt that company was paying every single

and approving a court the company believes there is any legal reason to accelerate that the company was paying every single


The decrease was primarily attributable to gains on sales recorded in the comparable quarter of the prior year.

the decrease was primarily attributable to gains on sales recorded in the comparable quarter of the prior year


a year ago at this time, it was my first quarter here. And what I discovered after the first quarterly announcement

well a year ago at this time it was my first quarter here and what i discovered after the first quarterly announcement


the overall pool looks the same, feels the same. I would say, in general, we try to keep a particular look at the pool that we hold

the overall pool looks the same feels the same i would say in general we try to keep a particular look at the pool that we hold


At this point, we are looking at potentially putting some submersible pumps up in Loving County

at this point we are looking at potentially putting some submersible pumps up in loving county


our presentation, was that we continue to look for other opportunities to increase our supply even further.

our presentation was that we continue to look for other opportunities to increase our supply even further


performance in Latin America, more than compensating the negative effect of unfavorable weather conditions in May and June in Spain and France.

more than compensating the negative effect of unfavorable weather conditions in may and june in spain and france


With that said, let me provide a bit more detail for each of our previously stated short-term priorities, which are the ongoing quality remediation,

with that said let me provide a bit more detail for each of our previously stated short-term priorities which are the ongoing quality remediation


We have addressed the majority of our earnings volatility related to line space through the re-contracting efforts and other strategies.

we have addressed the majority of our earnings volatility related to line space through the recontracting efforts and other strategies


the details of how it will be operated and what the performance requirements are going to be. They don't have to worry about the revenue side of it. It's just a fixed payment.

the details of how it will be operated and what the performance requirements are going to be they don't have to worry about the revenue side of it it's just a fixed payment


which we've been successful on a number of communities. So we won't see a significant increase there. Other areas of focus would be

which we have been successful on a number of communities so we won't see a significant increase there other areas of focus would be


on our sports offering. At the same time, we need to balance it out with the profitability or the losses that we need to keep under check.

on our sports offering at the same time we need to balance it out with the profitability or the losses that we need to keep under check


This initiative includes a new robust self-help customer portal designed to increase online resolution of customer issues.

this initiative includes a new robust self-help customer portal designed to increase online resolution of customer issues


At the conclusion of that process, taking into account ongoing feedback we have received from some of our largest shareholders,

at the conclusion of that process taking into account ongoing feedback we have received from some of our largest shareholders


simplification of our value is the key priority in marketing. And we see doing that by tailoring our messages

simplification of our value is the key priority in marketing and we see doing that by tailoring our messages


managing discretionary spend very tightly, particularly on travel costs, which have come down quite significantly over the last few months and in capital expenditure as well.

managing discretionary spend very tightly particularly on travel costs which have come down quite significantly over the last few months and in capital expenditure as well


But in the interim, we continue to add a lot of international markets that are within range of A320 family airplanes.

but in the interim we continue to add a lot of international markets that are within range of h320 family airplanes


I have really enjoyed working with Patrick during his time with the company, and we are very excited about his move into this position.

i have really enjoyed working with patrick during his time with the company and we are very excited about his move into this position


You are reminded that certain statements made in this conference call and our responses to various questions may constitute forward-looking statements

you are reminded that certain statements made in this conference call and our responses to various questions may constitute forward-looking statements


typically, we're still going to generate more cash than we need to fund growth inclusive of acquisitions.

typically we're still going to generate more cash than we need to fund growth inclusive of acquisitions


and we're still trying to figure out how many of those are actually signing up for that. We'll probably know what that number looks like out of the gate here in the next couple of weeks.

and we're still trying to figure out how many of those are actually signing up for that and we'll probably know what that number looks like out of the gate here in the next couple of weeks


and three, the right machine learning expertise to research tailored deep-learning models and engineer the machine learning infrastructure.

and three the right machine learning expertise to research tailored deep learning models and engineer the machine learning infrastructure


We are working diligently on this. We are spending a lot of manpower to work on this, analyzing in order to

we are working diligently on this we are spending a lot of manpower to work on this analyzing in order to


Based upon this and what we are hearing from clients, we've established an executive team position to develop our integrated solutions practice

based upon this and what we are hearing from clients we've established an executive team position to develop our integrated solutions practice


which is below average owing to a higher level of claim settlements and normal timing of the settlements of reinsurance balances.


Let me finally turn to Consumer. Consumer was up in the September quarter, above our expectations.

let me finally turn to consumer consumer was up in the september quarter above our expectations


where do you expect this to be reflected? My understanding would be in better margins because you're just becoming more efficient and, therefore, lowering cost. It's not something that's really going to drive up

where do you expect this to be reflected my understanding would be in better margins because you're just becoming more efficient and therefore lowering costs it's not something that's really going to drive up


was that one ramp-up of a military customer in this particular space, which is normalizing through the course of the year as a new product.

was that one ramp-up of a military customer in this particular space which is normalizing through the course of the year as a new product


in other areas. And then we could really evaluate how we think about the other 2 prongs of returning capital to our stakeholders

and in other areas and then we could really evaluate how we think about the other 2 prongs of returning capital to our stakeholders


In terms of our overall perspective on the quarter and the year, when we reported first quarter results back in May,

in terms of our overall perspective on the quarter and the year when we reported first quarter results back in may


But what we see is that still the aftermarket business on half yearly basis, the number I calculated was has seen an 18% growth,

but what we see is that still the aftermarket business on half yearly basis -- the number i calculated was has seen an 18% growth


We believe that the more relevant target for us is increasing the patient population that we have access to for testing with T2Candida now

we believe that the more relevant target for us is increasing the patient population that we have access to testing with t2 canada now


To be clear, we could step back from this type of investment and drive more short-term earnings, but that's not the right way forward.

to be clear we could step back from this type of investment and drive more short-term earnings but that's not the right way forward


There's only one area of our particular portfolio right now that's unusual versus prior trends. And I'd call it the strengthening dollar,

there's only one area of our particular portfolio right now that's unusual versus prior trends and i call it the strengthening dollar


The majority of ERICO sales are into commercial vertical, which continued to deliver growth in the quarter, although the rate of growth is moderating.

the majority of ericsson's sales are into commercial vertical which continued to deliver growth in the quarter although the rate of growth is moderating


The latest economic indicators have shown a stable environment, which is favorable to our business in Hong Kong and Mainland China.

the latest economic indicators have shown a stable environment which is favorable to our business in hong kong and mainland china


as we continue to invest in product development and innovation, which is a key component of our value-creation model that Chris spoke to earlier.

as we continue to invest in product development and innovation which is a key component of our value creation model that chris spoke to earlier


was accepted very well by the physicians everyone likes the new packaging. And then for us on the serialized tracking that Jeff mentioned before

was accepted very well by the physicians everyone likes the new packaging and then for us on the serialized tracking that jeff mentioned before


An additional month of interest on the 6% notes that were redeemed was partially offset by interest savings from the recent refinancing.

an additional month of interest on the 6% notes that were redeemed was partially offset by interest savings from the recent refinancings


About half of that is due to seasonality around our forestry and road spending, and the other half relates to the timing of our export shipments.

about half of that is due to seasonality around our forestry and road spending and the other half relates to the timing of our export shipments


Comparing our first quarter results with the year ago quarter, EBITDA decreased significantly due to lower average realizations,

comparing our first quarter results with the year-ago quarter ebitda decreased significantly due to lower average realizations


This year, we will be looking at net asset value increases. Two of the notable ones that will distinguish

this year we will be looking at net asset value increases 2 of the notable ones that will distinguish


to increase the total resources and to start to develop a plan for development in '16 and '17. Between these 2 years,

to increase the total resources and to start to develop a plan for development in '16 and '17 between these 2 years


premise of the investment decision into ETI took a view on our strategy for the rest of the continent.

premise of the investment decision into eti took a view on our strategy for the rest of the continent


In 2019, we will continue to balance investment with return of capital while maintaining an efficient capital structure.

in 2019 we will continue to balance investment with return of capital while maintaining an efficient capital structure


to do it once and do it right. This is just as relevant for smaller, more frequent jobs as it is for larger projects.

to do it once and do it right this is just as relevant for smaller more frequent jobs as it is for larger projects


get to where we wanted to go, but it was more a question about the time frame with which you could do it in and

get to where we wanted to go but it was more a question about the time frame in which you could do it in and


Overall, the impact from market assumption was marginal and behavioral characteristics were within ranges.

overall the impact from market assumption was marginal and behavioral characteristics were within ranges


So from our perspective, we're doing exactly what we told you we would do a number of years ago and we've executed quite well on it.

so from our perspective we're doing exactly what we told you we would do a number of years ago and we've executed quite well on it


we've been growing our technology spend. And in particular, we've been growing the portion of it that is invested in changing the bank. And that runs the gamut

we've been growing our technology spend and in particular we've been growing the portion of it that is invested in changing the bank and that runs the gamut


the growth of our net interest income has been driven by our ability to reduce the cost of our funding more quickly than the compression of our interest income.


The Gun Lake Casino also had a strong fourth quarter and year resulting in our management fees in this property increasing double digits for both periods.

the gunn lake casino also had a strong fourth quarter and year resulting in our management fees from this property increasing double digits for both periods


which will be conducted in renal cell carcinoma, will initiate in the third quarter of this year. The primary outcome will be overall response rates.

which will be conducted in renal cell carcinoma will initiate in the third quarter of this year the primary outcome will be overall response rate


In our view, a number of those borrowers may be able to restructure or consolidate their other debts to improve their total debt service ratio.

in our view a number of those borrowers may be able to restructure or consolidate their other debts to improve their total debt service ratio


this being ready for actual implementation at Halden. Is there a time line or?

this being ready for actual implementation at halden is there a time line or


We are doing this by making progress against our strategy to increase our spirits participation in emerging markets

we are doing this by making progress against our strategy to increase our spirits participation in emerging markets


In order to stay on this course, we will also keep a cash flow focused management approach for each business group.

in order to stay on this course we will also keep a cash flow-focused management approach for each business group


even in an economic slowdown. So I don't anticipate the overall demand for the types of products that get labeled

even in an economic slowdown so i don't anticipate the overall demand for the types of products that get labeled


And we've just been methodically going through every business in the company and ensuring that it fits with the overall strategy.

and we've just been methodically going through every business in the company and ensuring that it fits with the overall strategy


We are admittedly now taking a bit more defense posture because we have discussed our ability to test varying strategies and make changes quickly

we are admittedly now taking a bit more defensive posture but as we have discussed our ability to test varying strategies and make changes quickly


near the level recorded in Q2 last year, as Globals represented a greater share of our overall deliveries.

near the level recorded in q2 last year as globals represented a greater share of our overall deliveries


which we provided yesterday evening after the close of trading. I'll now turn the call over to Mark Erickson, our CEO, to go through some of the highlights for this quarter.

which we provided yesterday evening after the close of trading i'll now turn the call over to mark erickson our ceo to go through some of the highlights for this quarter


that is as it looks like today. Definitely, when you come in an attraction for all

that is as it looks like today definitely when you come in an attraction for all


as well as our financial strength, position us well to deliver valuable services to our customers and robust returns for our shareholders.

as well as our financial strength position us well to deliver valuable services to our customers and robust returns for our shareholders


I think as we've talked about earlier with Justin, I think you have the information. You should be able to back into that relatively closely. I think the wildcard

i think as we talked about earlier with justin i think you have the information you should be able to back into that relatively closely i think the wildcard


and before our corporate cost allocations. Our business took advantage of the levers at our disposal to generate these results.

and before our corporate cost allocation our business took advantage of the levers at our disposal to generate these results


The changes in our channel landscape also give us the opportunity to reach more consumers with more differentiated products

the changes in our channel landscape also give us the opportunity to reach more consumers with more differentiated products


the need of our customers who more often than not on these trade areas are leaving the trade areas because we're not offering what they're looking for.

the need of our customers who more often than not in these trade areas are leaving the trade areas because we're not offering what they're looking for


when you have a look at census data over the last 10 years, in fact, the proportion of retirees living in a village continues to grow.

when you have a look at census data over the last 10 years in fact the proportion of retirees living in a village continues to grow


As we said, for the full year, we are currently assuming that we will still be able to pay dividends.

as we said for the full year we are currently assuming that we will still be able to pay a dividend


so you end up spending more on the last barrel that you pump. So I can't give you an accurate number on what the run rate would be. But

so you end up spending more on the last barrel that you pump so i can't give you an accurate number on what the run rate would be but


too deep, but I'd like to have an open mind. Oftentimes, you may be positively surprised.

too deep but i'd like to have an open mind oftentimes you may be positively surprised


We've also expanded and upgraded the talent in our claims department to better assess and manage our risk when accidents do occur.

we've also expanded and upgraded the talent in our claims department to better assess and manage our risk when accidents do occur


However, we expect to offset this deterioration in the combined ratio by outperforming the market in terms of policies and premiums.

however we expect to offset this deterioration in the combined ratio by outperforming the market in terms of policies and premiums


We have doubts about the Fed raising rates 4 times this year. That pace would hurt the housing market, and we don't think the Fed wants to do that.

we have doubts about the fed raising rates 4 times this year that pace would hurt the housing market and we don't think the fed wants to do that


Our AAV manufacturing leadership position continues to be an important element of our overall corporate strategy for long-term value creation.

our aav manufacturing leadership position continues to be an important element of our overall corporate strategy for long-term value creation


We were in fact very pleased to release our first product for use in Europe just this quarter, another important milestone for our manufacturing operations.

we were in fact very pleased to release our first product for use in europe just this quarter another important milestone for our manufacturing operations


These changes are improving our customer's experience and will lead to cost efficiencies and income growth over time.

these changes are improving our customers' experience and will lead to cost efficiencies and income growth over time


how we are going to deal with pricing, we're going to follow the market parameters, list price and

how we are going to deal with pricing we're going to follow the market parameters list price and


Hey, we're real busy right now. You're the fifth caller in line. If you like we can call you back when your place comes up and you won't lose your place in line

hey we're real busy right now you're the fifth caller in line if you'd like we can call you back when your place comes up and you won't lose your place in line


And the impact on operating margin from the investments is going to be exactly the one we indicated at the beginning of the year.

and the impact on operating margin from the investments is going to be exactly the one we indicated at the beginning of the year


obligation being denominated in euro versus U.S. dollar, we do need to mark to market that adjustment

obligation be denominated in euro versus u s dollar we do need to mark to market that adjustment


pay progressive and sustainable dividends going forward, and we feel that we're in a position to increase our interim dividend.

pay progressive and sustainable dividends going forward and we feel that we're in a position to increase our interim dividend


The combined effect of more hedges with slightly less remaining term resulted in an unchanged hedge duration or interest rate sensitivity,

the combined effect of more hedges with slightly less remaining term resulted in an unchanged hedge duration or interest rate sensitivity


We expect to target products and markets in line with our current portfolio to allow us to continue to cultivate the Patrick brand and enhance our product offerings.

we expect to target products and markets in line with our current portfolio to allow us to continue to cultivate the patrick brand and enhance our product offerings


what may have driven that. I think, as you saw, the driver market the end of last year start to improve a little bit. Maybe there was fewer companies out looking for outsourcing.

what may have driven that i think as you saw the driver market at the end of last year start to improve a little bit maybe those fewer companies out looking for outsourcing


Expenses in the fourth quarter are typically lower in the third quarter due to the seasonality in our marketing and servicing expenses.

expenses in the fourth quarter are typically lower than the third quarter due to the seasonality in our marketing and service expenses


We frankly took a look internally and decided that we had opportunity we just hadn't taken advantage of in prior years.

we frankly took a look internally and decided that we had opportunity we just hadn't taken advantage of in prior years


local chemical distribution and focus industries. There's growth opportunities in all of those, but the sales cycles in all of those are very different.

local chemical distribution and focused industries there's growth opportunities in all of those but the sales cycles in all of those are very different


A more detailed description of such risks and uncertainties can be found in the company's filings with the Securities and Exchange Commission.

a more detailed description of such risks and uncertainties can be found in the company's filings with the securities and exchange commission


by next year. Just so I can clarify, when you make that statement, do you believe that you can

by next year just so i can clarify when you make that statement do you believe that you can


We all wish Jack the best in his future endeavors, which he tells me may include running the town chairlift in Park City next winter.

we all wish jack the best in his future endeavors which he tells me may include running the town chairlift in park city next winter


We hope that you found the information and discussions to be useful. We're pleased to have received quite positive and helpful feedback from the event.

we hope that you found the information and discussions to be useful we were pleased to have received quite positive and helpful feedback from the event


you'll take care of it in the second quarter. Or is it something that's going to be spread out over the year?

you take care of it in the second quarter or is it something that's going to be spread out over the year


as enterprise buyers seek to maintain flexibility and maintain leverage over service and technology providers.


Conversely, the work on our stock system is an example of one of the bigger initiatives that's going to take longer to land and may well require cost upfront

conversely the work on our stock system is an example of one of the bigger initiatives that's going to take longer to land and may well require cost upfront


Well, you also have to look at the etiology of that AR and then layer on top of that the seasonality of our company.

well you also have to look at the etiology of that ar and then layer on top of that the seasonality of our company


This is the strongest bidding activity that I've seen in my 5 years at MACOM. On top of this groundswell of activity,

this is the strongest bidding activity that i've seen in my 5 years at macom on top of this groundswell of activity


Thank you, Mark. We clearly have momentum in the market and in our firm and we're delivering profitable growth.

thank you mark we clearly have momentum in the market and in our firm and we're delivering profitable growth


in the health care setting. And I think the market is looking -- or the industry is looking for more of a -- to recycle solution. So it doesn't go back into health care,

in the health care setting and i think the market is looking -- or the industry is looking for more of a true recycle solution so it doesn't go back into health care


We open an office and are great at recruiting people and fill them up and look for move for larger space relatively quickly, and we've done that and doing that with L.A.

we opened an office and are great at recruiting people and fill them up and look for move for larger space relatively quickly and we've done that on doing that with l a


I think the key piece on services is to remember that we're delivering the level of services that our customers need to be successful on the platform

i think the key piece on services is to remember that we're delivering the level of services that our customers need to be successful on the platform


continuing to chase is the Permian Edge gas play fairway on the Western Flank. Moving on to bit about Lattice. We're obviously excited about the future.

continuing to chase is the permian edge gas play fairway on the western flank moving on a bit about lattice we're obviously excited about the future


Partially offsetting these were cash outflows related to our teach-out campuses and payments associated with legal settlements.

partially offsetting these were cash outflows related to our teach-out campuses and payments associated with legal settlements


Finally, as you update your models on Ashford Trust, I'd like to point out that in the fourth quarter, we will have a significant increase in hotels under renovation.

finally as you update your models on ashford trust i'd like to point out that in the fourth quarter we will have a significant increase in hotels under renovation


by the latter part of 2019. This same process will be followed to build new applications or migrate existing applications going forward.

by the latter part of 2019 this same process will be followed to build new applications or migrate existing applications going forward


It sounds like you're saying you do think that you're over more of the hump than less of the hump in terms of deposit betas. Are you expecting

it sounds like you're saying you do think that you're over more of the hump than less of the hump in terms of deposit betas are you expecting


These operating costs were up from last year as a result of several factors, including the effect of rising costs in areas such as payroll,

these operating costs were up from last year as a result of several factors including the effect of rising costs in areas such as payroll


all grew double digits in Q4 in both online and meetings with particular outperformance from online.

all grew double digits in q4 in both online and meetings with particular outperformance from online


online growth will continue to accelerate. But having said that, we're also investing a lot in our meeting experiences.

online growth will continue to accelerate but having said that we're also investing a lot in our meeting experiences


Our investments in developing more granular property databases have already paid dividends and will continue to do so in a more expansive way

our investments in developing more granular property databases have already paid dividends and will continue to do so in a more expansive way


We're now into our second year of our graduate training program. Training more generally has become quite a big investment area for the company.

we're now into our second year of our graduate training program training more generally has become quite a big investment area for the company


what will be the right going-forward investment level for the business. And I've always taken the view that

what will be the right going forward investment level for the business and i've always taken the view that


It gives us some -- 2 advantages, really, by comparison to most of our peers. The first is we don't have anything else in this business other than exhibitions.

it gives us some 2 advantages really by comparison to most of our peers the first is we don't have anything else in this business other than exhibitions


But for us, it's more important to realize what we believe is fair value than time. We are not in a hurry.

but for us it's more important to realize what we believe is fair value than time we are not in a hurry


Then they would move through the same phases that I talked about before with respect to Total Audience. They'll evaluate it and they'll choose whether or not they want it to be adopted

then they would move through the same phases that i talked about before with respect to total audience they'll evaluate it and they'll choose whether or not they want it to be adopted


And I think both Jigisha and I are comfortable that we will get the integration in line as planned and that the operational folks are,

and i think both jagiessa and i are comfortable that we will get the integration in line as planned and that the operational folks are


as Jigisha said, add to the CapEx, which means we can build more crews and we can provide more equipment to expand that business. That will be a little slower.

as jagdish said add to the capex which means we can build more crews and we can provide more equipment to expand that business that will be a little slower


We recently delivered new products to help our agents better meet protection needs of our customers and attract new business.

we recently delivered new products to help our agents better meet protection needs of our customers and attract new business


to absolutely continue to manage CapEx as we have all year long. And we've been putting pressure on suppliers relative to

absolutely continue to manage capex as we have all year long and we've been putting pressure on suppliers relative to


and the Market Observation Post System where you can download the information. Once again, thank you for your participation.

and the market observation post system where you can download the information once again thank you for your participation


Frankly, this is the core of our success and the reason our customers are loyal. Because of our tailored innovative products, based on customer

frankly this is the core of our success and the reason our customers are loyal because of our tailored innovative products based on customer


if our therapy can get people off of transfusion, implication being you can extend the period of time the patient's alive,

if our therapy can get people off of transfusion implication being you can extend the period of time the patient's alive


a number that we should look at only because I think there's some sort of maybe bonus type stuff in Q4 or is that a good

a number that we should look at only because i think there's some sort of maybe bonus type stuff in q4 or is that a good


So certainly, it would look to us, by '18, we should begin to recover some of what we're talking about here. Right. Okay, that's helpful.

so certainly it would look to us by '18 we should begin to recover some of what we're talking about here right okay that's helpful


some strategic leverage. And I am very comfortable and I'm sure that we will continue to grow above market levels.

some strategic leverage and i am very comfortable and i'm sure that we will continue to grow above market levels


With that, I look forward to sharing more details with you on the special call I mentioned earlier. Now I'll turn the call over to Jack Hartung to provide a financial update.

with that i look forward to sharing more details with you on the special call i mentioned earlier now i'll turn the call over to jack hartung to provide a financial update


weather was much warmer than we expected, while at the same time, we saw a steady increase in the price of heating oil and propane costs.

weather was much warmer than we expected while at the same time we saw a steady increase in the price of heating oil and propane costs


And what we need to do is make a final determination and then send you a calendar notice. So I promise to do that, Patrick. Thanks.

and what we need to do is make a final determination and then send you a calendar notice so i promise to do that patrick thanks


Our focus over the past 6 quarters has been on cost control, and we have begun to transition that focus to the future of this great company

our focus over the past 6 quarters has been on cost control and we have begun to transition that focus to the future of this great company


a single digit million in terms of CapEx. But I don't really want to be drawn further into how much it could be. I'd

single digit million in terms of capex but i don't really want to be drawn further into how much it could be


as long as we can get them from the design phase into the construction phase and generate the cost


This reduces cost to first gas. And with the early oil opportunity ready to go, it will help supplement cash generation for this business.

this reduces cost of first gas and with the early oil opportunity ready to go will help supplement cash generation for this business


Since that time, we successfully transitioned most of SAM's active AUM from legacy funds to new diversified strategies

since that time we've successfully transitioned most of sam's active aum from legacy funds to new diversified strategies


I'm sure you're aware of this, Jeff. We've been going through a number of efforts to be optimizing our global cash position, and we've been

i'm sure you're aware of this keith we've been going through a number of efforts to be optimizing our global cash position and we've been


We have much more active sales, and we can see that clearly

we have much more active sales and we can see that clearly


Customers will have more choice, and we will expand our addressable market to include schools that need virtual solutions.

customers will have more choice and we will expand our addressable market to include schools that need virtual solutions


I'd like to get scale in some of the areas that we already play in that have better growth profiles than some of our larger businesses.

i like to get scale in some of the areas that we already play in that have better growth profiles than some of our larger businesses


vast majority of the volatility, the amount tied to line space has been essentially eliminated.

vast majority of the volatility the amount tied to line space has been essentially eliminated


from the acceleration of a cost recovery on federal contract pension entitlement that have resulted from harmonizing our benefits programs.

from the acceleration of a cost recovery on federal contract pension entitlement that had resulted from harmonizing our benefits programs


what we think we need to do for the future, and we came to the determination that we think we can intelligently spend this amount of money.

what we think we need to do for the future and we came to the determination that we think we can intelligently spend this amount of money


What we experienced this year I will describe as a shorter, more compacted season in several parts of the country due to weather issues at the beginning of the season

what we experienced this year i would describe as a shorter more compacted season in several parts of the country due to weather issues at the beginning of the season


I think, if you keep it very simple, what we're seeing is a very good product at a great value, and we're starting to tell people about it.

i think if you keep it very simple what we're seeing is a very good product at a great value and we're starting to tell people about it


Note that in the future, as the IRS issues additional guidance and interpretation of the new tax law, our estimated rate may be impacted.

note that in the future as the irs issues additional guidance and interpretation of the new tax law our estimated rate may be impacted


As I stated earlier, we believe the bulk of the investment has been made, and we believe that when these are fully mature and ramped up,

as i stated earlier we believe the bulk of the investment has been made and we believe that when these are fully mature and ramped up


I can say with the Internet of Things or the retail business that we have in Italy. There

i can say with the internet of things or the retail business that we have in italy


This month, our Chief Marketing and Strategy Officer, Kevin Smith, invited me to tag along for a meeting with Google in Silicon Valley,

this month our chief marketing and strategy officer kevin smith invited me to tag along for a meeting with google in silicon valley


Our primary focus remains investing for organic growth, and we plan to deploy more capital into recruiting and technology.

our primary focus remains investing for organic growth and we plan to deploy more capital into recruiting and technology


call it, historical bulk of the market has shown slow growth. But we feel fairly confident on the results

call it historical bulk of the market has shown slow growth but we feel fairly confident on the results


A delay will also help us avoid filing rate cases at the same time as other utilities in New Mexico, which will reduce the burden on commission staff.

a delay will also help us avoid filing rate cases at the same time as other utilities in new mexico which will reduce the burden on commission staff


robust presentation, and then the stores that are lower volume, we obviously need to showcase the brand, but they won't have as many bells and whistles

robust presentation and then the stores that are lower volume we obviously need to showcase the brand but they won't have as many bells and whistles


We have mentioned on previous earning call that the number of larger loan transactions have grown proportionately with the size of the bank.

we have mentioned on previous earning call that the number of larger loan transactions have grown proportionally with the size of the bank


equilibrium? It sounds like it's at least a couple of quarters away, if not longer? Or do you think it happens in the next quarter

equilibrium it sounds like it's at least a couple quarters away if not longer or do you think it happens in the next quarter or two


and driving the benefits of this business. So you will see a restructuring charge in the fourth quarter, and we're doing exactly what we said we'd do.

and driving the benefits of this business so you will see a restructuring charge in the fourth quarter and we're doing exactly what we said we'd do


Well, it's really 2 different things. One is what you just said, which is that we already have enough growth in the book

well it's really 2 different things one is what you just said which is that we already have enough growth in the book


So our existing units are actually more relevant in a low oil price environment than in a high oil price environment.

so our existing units are actually more relevant in a low oil price environment than in a high oil price environment


These have all been big hits in early testing, and we are excited to expand these offerings to more customers this quarter.

these have all been big hits in early testing and we are excited to expand these offerings to more customers this quarter


The asset sales and the recent equity raise has given us a financial platform to execute our goals.

the asset sales and the recent equity raise has given us a financial platform to execute our goals


we didn't have as good a performance in the last part of February from a collection execution standpoint

we didn't have as good a performance in the last part of february from a collection execution standpoint that


Longer term, we see the opportunity for the Axon segment hardware margins in the 50% range as service plan upgrades start to kick in.

longer term we see the opportunity for the axon segment hardware margins in the 50% range as service plan upgrades start to kick in


We are returning capital to shareholders through our quarterly dividend and are focused on driving performance and long-term value.

we are returning capital to shareholders through our quarterly dividend and are focused on driving performance and long-term value


Training, process improvement and several new operating initiatives contributed to the margin gains this quarter.

training process improvement and several new operating initiatives contributed to the margin gains this quarter


if you will, as we go forward because we're bringing in, from a growth standpoint, some lower value-added products, still attractive products but

if you will as we go forward because we're bringing in from a growth standpoint some lower value-added products still attractive products but


At the conclusion of the company's presentation, we will open the call for questions. I would now like to turn the call over to Jack Hockema. Jack?

at the conclusion of the company's presentation we will open the call for questions i would now like to turn the call over to jack kakama jack


something that we've been a leader in and we continue to be excited about it. I think the other one that certainly I love to focus on is

something that we've been a leader in and we continue to be excited about it i think the other one that certainly i love to focus on is


We see oil and gas with good momentum versus anything we felt over the last few years, we

we see oil and gas with a good momentum versus anything we felt over the last few years we